Industry News

Real estate foreclosures soar in February

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There were 117,259 properties nationwide that entered some stage of foreclosure in February, a 13 percent increase from the previous month and a 68 percent increase from February 2005, according to RealtyTrac, an online marketplace for foreclosure properties. RealtyTrac's Monthly U.S. Foreclosure Market Report shows a February national foreclosure rate of one new foreclosure for every 986 U.S. households, continuing an upward trend in which the national foreclosure rate rose in every quarter of 2005. "This is the third straight month the U.S. foreclosure rate has moved higher, and it's the second straight month new foreclosures have topped 100,000," said James J. Saccacio, chief executive officer of RealtyTrac. "However, several states, including California, Florida, Texas and New York, reported a dip in foreclosures in February. We'll see if the rest of the country follows that trend in March." Georgia reported 9,421 properties entering some stage of foreclosure in February, a 28 pe...